Binance reenters Japan with crypto exchange acquisition

Binance is set to return to Japan after acquiring a 100% stake in local registered crypto exchange Sakura Exchange Bitcoin (SEBC).

Binance CEO Changpeng Zhao / Photo credit: Binance

In 2018, Binance exited the country after receiving a warning from the Japan Financial Services Agency for operating without a license.

“We will actively work with regulators to develop our combined exchange in a compliant way for local users,” said Takeshi Chino, general manager of Binance Japan, in a statement.

The firm said the acquisition of SEBC marks its first license in East Asia. It has also secured regulatory approvals in France, Italy, Spain, Bahrain, Abu Dhabi, Dubai, New Zealand, Kazakhstan, Poland, Lithuania, and Cyprus.

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Binance operates through partnerships in several countries in Asia, such as in Malaysia, Thailand, and Indonesia.

In Malaysia, it acquired a key stake in regulated digital asset trading platform MX Global, while it invested in Tokocrypto in Indonesia.

SEBC, which is based in Tokyo, supports the trading of 11 cryptocurrencies – including Bitcoin, Ether, and XRP – against the Japanese yen.